Problem

Zubi Plc is a furniture manufacturing company and is in business from 10 years. It has large multinational and national banks as a customer. The following are the purchases and issues during the month of March:

March 01	Opening Inventory	800 units	@ $ 7
March 05	Purchases	1,000 units	@ $ 6.55
March 09	Purchases	400 units	@ $ 6.2
March 25	Purchases	1,400 units	@ $ 6.05
March 12	Sales	1,200 units
March 27	Sales	1,000 units

Required:

Find out the value of the Ending Inventory on March 31.

Find out the value of the cost of goods sold under the Average Cost Method